Posted on Tuesday, February 5, 2019
When a new build development is muted, passes planning and eventually starts, local community can be affected.
In our case, the common question asked is whether it will affect the selling of and value of houses in the vicinity.
Our professional opinion, based on helping thousands of people buy and sell in Nuneaton and Bedworth over the last 30 years would be that yes, of course any new development, particularly of the size of recent housing estates will have an impact, both positively and negatively.
Any initial phase of building will have a negative impact on local prices and popularity. Ground works, heavy vehicles, digging, dust, mud and noise is something you cannot hide from. Marketing your home in this period is likely to be difficult and depending on the size of the site, and the number of years it may take to complete it is quite possibly going to put people off form buying or result in lower offers from buyers searching for a degree of compensation. Loss of value has been noted in and around most major development sites in Nuneaton & Bedworth during the initial construction phases BUT all is not lost….
All is not lost because when the developments are underway, particularly when the first phases are completed and the dust settle, we see a remarkable turnaround. The developers look to sell in phases, therefore the primary or first batch of houses to be built are generally the front facing properties, those houses facing the main road of access, the first houses that the passing public see. When these homes are finished, and the drives laid, trees planted and someone moves in, you generally see an upturn of value in the surrounding areas as perception changes.
The other important factor to consider, if you are worrying about a new build development local to you, is the positive impact that the sale of new build homes can have on your home. The prices of new builds are generally higher, thus pushing value of the surrounding locations and also drawing in new buyers to the area who will not necessarily buy in that development. Remember, new build homes do not always have the size, garden space or parking of older property!
The question of why we need these new ‘super’ developments is an ongoing debate. Yes, the government suggest that new housing is needed, Hawkins Sales & Lettings can vouch for the demand in the current markets of Nuneaton and Bedworth. Is it really a requirement to gobble up green land that makes our towns what they are? We guess most long-standing locals would say it isn’t required but with property pricing in the southern counties pushing buyers’ northwards, clearly the demand suggests otherwise, and we are on the fence as to it being a good or bad thing.
We hope that helps answer some questions you may have. If you do want further assistance, advice or help in selling, letting, buying or renting a home, do not hesitate to contact Hawkins Estate Agents on 02476 374949 or email email@example.com.
Source - David Bruckert, Partner, Hawkins Estate Agents